A mortgage involving a borrower who is behind on payments. If the borrower cannot bring the payments current within a specified number of days and terms, foreclosure could occur as a last resort.
A home loan in which the borrower has failed to make payments on time, as specified in the loan agreement.
Failure by the individual who has borrowed money on a home loan to make regular, consistent payments.
A mortgage that involves a borrower who is behind on payments. If the borrower cannot bring the payments up to date within a specified number of days, the lender may begin foreclosure proceedings.
A mortgage loan where the borrower fails to make payments as specified in the loan agreement.
mortgage that is behind on regularly scheduled payments.
A mortgage involving a borrower who is behind on payments. If the borrower does not bring the mortgage to date with a specified amount of time, the lender may begin foreclosure proceedings.